(a)A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.
(b)Except as otherwise provided in subdivisions (c) to (i), inclusive, a security interest is enforceable against the debtor and third parties with respect to the collateral only if each of the following conditions is satisfied:
(1)Value has been given.
(2)The debtor has rights in the collateral or the power to transfer rights in the
collateral to a secured party.
(3)One of the following conditions is met:
(A)The debtor has signed a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned.
(B)The collateral is not a certificated security and is in the possession of the secured party under Section 9313 pursuant to the debtor’s security agreement.
(C)The collateral is a certificated security in registered form and the security certificate has been delivered to the secured party under Section 8301 pursuant to the debtor’s security agreement.
(D)The
collateral is controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights and the secured party has control under Section 7106, 9104, 9105.1, 9106, 9107, or 9107.1 pursuant to the debtor’s security agreement.
(E)The collateral is chattel paper and the secured party has possession and control under Section 9314.1 pursuant to the debtor’s security agreement.
(c)Subdivision (b) is subject to Section 4210 on the security interest of a collecting bank, Section 5118 on the security interest of a letter-of-credit issuer or nominated person, Section 9110 on a security interest arising under Division 2 (commencing with Section 2101) or Division
10 (commencing with Section 10101), and Section 9206 on security interests in investment property.
(d)A person becomes bound as debtor by a security agreement entered into by another person if, by operation of law other than this division or by contract, either of the following conditions is satisfied:
(1)The security agreement becomes effective to create a security interest in the person’s property.
(2)The person becomes generally obligated for the obligations of the other person, including the obligation secured under the security agreement, and acquires or succeeds to all or substantially all of the assets of the other person.
(e)If a new debtor becomes
bound as debtor by a security agreement entered into by another person, both of the following apply:
(1)The agreement satisfies paragraph (3) of subdivision (b) with respect to existing or after-acquired property of the new debtor to the extent the property is described in the agreement.
(2)Another agreement is not necessary to make a security interest in the property enforceable.
(f)The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by Section 9315 and is also attachment of a security interest in a supporting obligation for the collateral.
(g)The attachment of a security interest in a right to
payment or performance secured by a security interest or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage, or other lien.
(h)The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.
(i)The attachment of a security interest in a commodity account is also attachment of a security interest in the commodity contracts carried in the commodity account.
Notes of Decisions
Landmark Land Co., Inc. v. Sprague, 529 F. Supp. 971 (S.D.N.Y. 1981).
· cites it 2× “Following the execution of this instrument it is clear that the security interests in the Cove collateral purportedly created thereby attached in favor of both First State and Drovers under Cal.Com.Code § 9203. See p. 977 supra. 11 Mercantile argues that Mercantile Bank “in…”
Wachovia Bank Nat'l Ass'n v. WL Homes LLC, 534 F. App'x 165 (3d Cir. 2013).
· cites it 2× “” Cal. Com.Code § 9203(a). A security interest in a deposit account becomes enforceable against the debtor when: (1) “value has been given;” (2) “the debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party;” and (3) the secured…”
In Re Salazar, 448 B.R. 814 (Bankr. S.D. Cal. 2011).
“5 7 for the foreclosure to be valid. Under that statute, first, U.”
Weststeyn Dairy 2 v. Eades Commodities Co., 280 F. Supp. 2d 1044 (E.D. Cal. 2003).
“Cal. Comm.Code § 9203(b). The Security Agreement with Eades defines Diversified’s security interest in receivables as “each and every right of borrowers to the payment of money .”
In Re Kamps, 217 B.R. 836 (Bankr. C.D. Cal. 1998).
“Identity of Collateral To obtain a valid security interest for goods in the possession of the debtor, the debtor must have signed security agreement which contains an adequate description of the collateral.”
Needle v. Lasco Indus., Inc., 8 U.C.C. Rep. Serv. (West) 9 (Cal. Ct. App. 1970).
“” (Com. Code, § 9203.) The debtor here (the retailer) signed a document entitled “Financing Statement” which complied with section 9402 of the Commercial Code, including a description of the collateral of the secured party as “All inventory and accounts receivable of debtor, as…”
In Re Carlos, 215 B.R. 52 (Bankr. C.D. Cal. 1997).
“Under both the Uniform Commercial Code and the California version thereof, a valid security interest in personal property requires that (1) either (a) the debtor has signed a security agreement which contains a description of the collateral, or (b) the secured party has…”
Cal. Commercial Code § 9203(1): 2 cases
Cal. Commercial Code § 9203(2): 2 cases
Landmark Land Co., Inc. v. Sprague, 529 F. Supp. 971 (S.D.N.Y. 1981).
“Following the execution of this instrument it is clear that the security interests in the Cove collateral purportedly created thereby attached in favor of both First State and Drovers under Cal.Com.Code § 9203. See p. 977 supra. 11 Mercantile argues that Mercantile Bank “in…”
Cal. Commercial Code § 9203(a): 4 cases
In Re Salazar, 448 B.R. 814 (Bankr. S.D. Cal. 2011).
“5 7 for the foreclosure to be valid. Under that statute, first, U.”
In Re Kamps, 217 B.R. 836 (Bankr. C.D. Cal. 1998).
“Identity of Collateral To obtain a valid security interest for goods in the possession of the debtor, the debtor must have signed security agreement which contains an adequate description of the collateral.”
Wachovia Bank Nat'l Ass'n v. WL Homes LLC, 534 F. App'x 165 (3d Cir. 2013).
“” Cal. Com.Code § 9203(a). A security interest in a deposit account becomes enforceable against the debtor when: (1) “value has been given;” (2) “the debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party;” and (3) the secured…”
Cal. Commercial Code § 9203(b): 4 cases
Weststeyn Dairy 2 v. Eades Commodities Co., 280 F. Supp. 2d 1044 (E.D. Cal. 2003).
“Cal. Comm.Code § 9203(b). The Security Agreement with Eades defines Diversified’s security interest in receivables as “each and every right of borrowers to the payment of money .”
Wachovia Bank Nat'l Ass'n v. WL Homes LLC, 534 F. App'x 165 (3d Cir. 2013).
“” Cal. Com.Code § 9203(a). A security interest in a deposit account becomes enforceable against the debtor when: (1) “value has been given;” (2) “the debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party;” and (3) the secured…”
Cal. Commercial Code § 9203(b)(3)(A): 2 cases
Cal. Commercial Code § 9203(f): 1 case
Cal. Commercial Code § 9203(l)(c): 2 cases
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